Member Info for Okehurst1

Knowbody, spot on post

Even Iceland who sell My Protein :-)

We don’t carry the risk Soletrader

We get paid upfront, ovs there is a margin on the finance that comes from our gross profit but Nutrition is knocking out 60% GP at the moment, the finance provider collects the cash carries the risk

It’s a smart deal, gives punters options

Non of us little PI’s move the price

Share info / ideas, it’s tough enough as it is trying to make money on the market, the II’s have a head start, it’s good to get challenged on your point of view

Still don’t like us funding a GMV model for the next 2 to 5 years - Ocado style who are pumping £1.5B into their platform - from our Core business FCF
that’s been my main grief, still stand by that

Let’s see how this goes but my bet is on Ingenuity raising it’s own cash not using the Core operations unless MM sells equity in something

Agree Goodtime

We have decent FCF without heavy capex for Ingenuity, think the market has realised that THG find a solution to fund this business and ring fence the FCF from the Core and we unlock the value

Repay debt and we have a whopping £60M a year of FCF, what’s that worth on the valuation ? 15X maybe ?

To top it all … we have £2B of tax losses, some of these are imbedded due to capex right downs over 5 years, on their own in a profitable business they are worth £1/2B
pure bunce

Hi Goodtime
Been on the BoD of a couple of quoted Plc’s, serial entrepreneur
don’t always get it right, nice to see a new name to BB

Agree with Golden, touched on this last week, personally I like this Autostore/THG JV
focused on PAYC

Limited capex required,THG utilise their experience,in effect we do the project management and connect all parties via API’s on the THG platforms, the end user pays 30% upfront - we know that from Autostore - so it’s front end funded, we keep their platform running in their distribution unit and get paid PAYC

It is a nice SaaS model

Add this to the GMV model and raise $$ via USA for a standalone business, makes so much sense

Bull, Hope
No argument back over comments on what’s past .

What’s changed materially is the CFO and how he is engaging with the City
we can even see with the job description for the head of communication, THG plc is listening

Looks like Institutional buying at the moment maybe on the back of private meetings with CFO before we entered close period ? Who knows but something is underfoot?

Expect full listing to be announced, Golden Share gone in 26 weeks ? Market is looking forward, it knows SOTP is worth more than 68p, restructuring underway and shareholder value to be unlocked.

Sit back and enjoy the ride back up

Fair comment Dg, would be funny watching II’s trying to close 140M shorts though :-)

Is Nutrition getting sold ?

Something going on at THG

Imagine 140M shorts trying to close IF it is Nutrition on the block?

Wonder what Mergers and events are in the pipeline ?

We know full listing is in the bag this year

USA quote Ingenuity ?

Separate quotes Beauty & Nutrition and maybe alongside corporate activity ?

Something is afoot

The 140M Shorts are brave folk

2nd line down job description

‘Supporting on the merger and acquisitions activity’

We know via MM this week that My Protein is in the IP/Brand game, Iceland for example do all the heavy lifting THG do the clever bit, the scope for more of this is huge

2 weeks ago it was disclosed we have the JV with Auto store (AS), in affect Ingenuity becomes an API platform connecting AS with the 3rd party user who will pay 30% upfront then PAYC subscription, no need for big capex it’s all about using the skill base THG have built up the past few years
It’s Ocado ( capex ) lite model, we do the selling/ API side, the 3rd party manages the stock and last mile, high margin for THG

Suggest the market is looking at the above and the news of U.K. Plc’s listing in USA coupled with Mouldings comments and possibly sound bites from the CFO indicating a USA listing of sorts is on the table

List Ingenuity USA, raise the funds, disconnect financially the Core businesses doing £2B Rev and generating good cash, it’s a logical progression

As such I think the market is looking past the £1B whales revenue - notice comments saying will we fall without an RNS on this point ? - that’s now a bonus on top linked to an Ingenuity spin off / fund raise

Enjoy the weekend, been a top week

S/B
Tbh no idea not heard anything on micro re nutrition
however overall gross EBITA is touching 15% before Ingenuity get paid for their services, kind of has to be to hit the brokers numbers when you work back their forecast ranges ex On a demand

Am going with 200pts to Ingenuity services for both Core business - that’s just my opinion on this number

Hope this helps you form an opinion.

Beauty 7%- less 200pts my guess

S/B , am just enjoying this rerate, as and when with the GMV

Nutrition is worth 100% more than current m/cap in my book with Beauty on top as extra bunce, THG BoD have a plan am sure we will soon find out

Nb Iceland deal being IP driven is class, how many more deals can THG do globally ?
Moulding is a top entrepreneur.

Moody
I think it’s a multiple of reasons for the breakout as listed by many posters on here, including MM’s revelation this week that the Iceland deal is IP driven - that’s a game changer - and more JV’s to come, coupled with the new CFO gaining traction
the City like him, personally I suspect II’s have been buying in on the back of those conversations

With 200M shares potentially required with full listing / shorts, I just can’t see the Shorts doubling down? Be a brave move? Who cares either way unless you’re trading the pennies ? I got the benefit of the full near 25% jump this week
Holding on for a big event, lots more in the tank with THG

Hi S/B
It’s private briefings - ovs we are in close season now
so guidance is restricted

The way THG report GMV revenue then the £1B would be in the revenue tables, as you say the revenue is minimal growth, kind of goes back to the new CFO mantra of
Under promise Over Deliver.

Nb we can only go on how THG have been reporting historically
Ocado report their GMV pretty much same way

Worth looking at the brokers margins and work back from last audited accounts

Looks like II’s have been loading up, it could be ones who have had the private briefing who knows?

Full listing / Index funds / something going to happen with USA listing and maybe linked with funding secured independently for Ingenuity? The market will love the latter especially if it’s a via Nasdaq quote ?

Been a top week up nearly 25%, lots to look forward to…

Worth pointing out not 1 of the brokers - from a long list - who have spoken to THG have included the £1B in their forecast, according to THG web site ?
I can’t see it ?

Not sure the City has built in the £1B Whales revenue/ opportunity
it will be a bonus once announced?

Handy info 1 pencil

Agree Licker ,throw in the index funds as well, they will need 5% !

That’s over 200M shares required !

As a long PI am sitting tight for an event, should be fun when this one pops